COLORADO SPRINGS, CO-The Praedium Group, a New York City-based national real estate investment firm and Hamilton Zanze & Co., a San Francisco-based real estate operating company, have sold the Preserve at Hidden Creek in Colorado Springs, CO. The 240-unit residential community was acquired by Griffis/Blessing Inc. for $25.1 million.

The Praedium Group and Hamilton Zanze had purchased the garden-style complex out of receivership in 2007 in an off-market transaction. The partnership implemented a value-add strategy, replacing the receiver's temporary management team with on-site managers, improving the physical condition, and enhancing overall occupancy of the multifamily property, which currently stands at 93%.

The Praedium Group and Hamilton Zanze were represented by David Potarf, Dan Woodward and Jordan Robbins of CBRE’s Denver office in the sale of the property. According to David Dowell, vice president of the Praedium Group, “This was an attractive investment for us. We continue to own nearly 1,500 units in the Denver area and given our outlook on the market we are actively seeking to grow our holdings in the Denver market.”

HZ&Co. CIO Kurt Houtkooper says that “Together with our partner, we initiated a hands-on approach, curing deferred maintenance and completing capital improvements. We are pleased that we were able to successfully execute our business plan.”

As part of its ongoing investment strategy, Praedium continues to enhance the properties within its existing portfolio, while also actively identifying and acquiring assets throughout the country through the Praedium Fund VII LP, a $900 million real estate private equity fund with purchasing power of $3 billion.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.